The Greater Nashville Association of Realtors sales information for April shows there were 2,780 home closings, up 27 percent from 2012, which was up 28 percent from 2011. In addition, 2010 was up 6 percent from 2009.

The last time there were more than 2,700 closings, GNAR numbers show, was August, 2007, with 3,359. And then came September 2007. I try not to remember that September, as sales dropped low and oh so quickly.

In the fall of 2007, sales swooned by 28 percent. Real estate, and its ancillary industries, remember that morbid September. It happened so quickly that mortgage lenders, banks, title companies, inspectors, appraisers, surveyors and real estate companies were caught with their pants down and their overhead high.

Some thought they would wait it out, but sales continued to plummet. By January 2008, only five months after the 3,359 closings, there were 1,644. With these memories all too fresh, expansion of the work force has been slow.

Residential real estate in Nashville had experienced continued growth from 1994 through 2007. Beginning in 2005, major cities, including Las Vegas, Miami, Detroit and many in California, began to falter. Not Nashville. Many asserted that since Nashville had never boomed – experiencing steady growth through the 13 years – it was immune. As the declines continued, the plague began to spread to other cities that were non-boomers.

And suddenly, in September 2007, the real estate market crashed.

It was predictable that the sales would diminish the next month as pending sales were down. However, this year, pending sales are at 2,984 as compared to 2,246 last year. It appears that May will be another banner month and that sales may eclipse the 3,000-unit mark again for the first time since 2007.

When will it end? One statistic that has relentlessly haunted those in the industry is lack of inventory. When sale came to a sudden halt in 2007, there were 22,821 properties in inventory. Today, there are 16,696, down from last years’ 19,622. With no inventory, there can be no sales.

Price Lechleiter, GNAR’s president, says “inventory remains the key short-term issue. Sellers seem to be waiting until they feel like there is the potential for a good financial return before they put their houses on the market.”

“It is encouraging to see median prices for both single family homes and condos are up significantly this month,” he adds.

And up they are. The median price for a single-family home jumped from $165,000 to $185,000, and condos from $141,000 to $163,800. In the ‘déjà vu all over again” dept., the median price in September 2007 for a single-family home was $185,000, $162,500 for condos.

But try not to remember those days in September, for we have checked the pending sales and it cannot happen again next month.

But most Realtors remember. Many of those who had two assistants the last time they experienced this sales volume are managing with one. A surprising number of Realtors had an assistant or split one back in the day. Many of those who survived that era have outsourced the assistants’ duties rather than committing to the overhead.

From all appearances, that trend is consistent with the ancillary industries, and sales are reaching record highs. Those that have retained their employment have proven highly efficient. As for job creation in residential real estate, it will take more time to convince the masses.

Interestingly, this recovery, now in its thirds year, has failed to spawn a new crop of Realtors. Associations are experiencing growth, but as compared to 2007 the number of those practicing real estate is considerably off pace, down 20 percent down in some areas.

Sale of the Week

The sale of the week this week is in Lipscomb/Green Hills, as many of the neighborhoods are defined by colleges such as Belmont and Vanderbilt.

In Lipscomb, President Randy Lowry’s domain, houses are on the rise. A case in point is 1312 Grandview Drive, a home that has given two sellers a grand view of a profit.

With the market as hot as it is, and inventory sulking at the lower levels, many would-be investors are shying away in fear that there are no good deals available. 1312 Grandview shoots that theory in the footing.

Metro tax records show the property was purchased by Kudzu Real Estate. Seriously, that is the name in the tax records. Kudzu bought the property in August of 1012 for $180,000 and sold it to Tennessee Regional Holding, LLC for $225,000 in October.

With a profit like that, Kudzu will spread like wildfire.

Tennessee Regional Holding also fared well, selling the improved home for $622,500.

Josh Anderson brought the buyer, who is now enjoying three bedrooms, two and a-half baths in this 3,237-square-foot home with walk-in closets, hardwood floors and a master down.

Richard Courtney is a partner with Christianson, Patterson, Courtney and Associates and can be reached at [email protected].